403
Sorry!!
Error! We're sorry, but the page you were looking for doesn't exist.
Brent Crude Rebounds as Rising Hormuz Tensions Fuel Supply Fears
(MENAFN) Brent crude prices advanced sharply on Monday, rising toward $110 per barrel and reversing losses from the previous two sessions, as growing security concerns in the Strait of Hormuz heightened fears over global energy supply disruptions.
According to reports, Brent futures increased by more than 2.2%, reaching approximately $110.6 per barrel by 08:05 GMT.
The upward movement followed reports from UK Maritime Trade Operations that a tanker was struck by unidentified projectiles north of Fujairah, close to the Strait of Hormuz. The incident occurred shortly after US President Donald Trump announced “Project Freedom,” an initiative aimed at assisting civilian ships stranded in or near the contested maritime corridor.
The development has further intensified worries about the safety of commercial shipping in the region, as the Strait of Hormuz remains a critical passage for global shipments of crude oil, refined fuels, and liquefied natural gas.
Tensions were further elevated after Iran issued warnings that US forces entering the strait could be targeted, and advised commercial vessels and oil tankers to coordinate movements with its military authorities, raising concerns about potential restrictions on maritime energy flows.
Trump said the new initiative would focus on helping civilian vessels registered under non-aligned states leave the waterway safely and resume operations, with implementation expected to begin on Monday.
Despite rising tensions, Iran has also indicated it is reviewing a response from Washington to its latest 14-point proposal, suggesting that diplomatic channels remain open alongside escalating geopolitical risks.
According to reports, Brent futures increased by more than 2.2%, reaching approximately $110.6 per barrel by 08:05 GMT.
The upward movement followed reports from UK Maritime Trade Operations that a tanker was struck by unidentified projectiles north of Fujairah, close to the Strait of Hormuz. The incident occurred shortly after US President Donald Trump announced “Project Freedom,” an initiative aimed at assisting civilian ships stranded in or near the contested maritime corridor.
The development has further intensified worries about the safety of commercial shipping in the region, as the Strait of Hormuz remains a critical passage for global shipments of crude oil, refined fuels, and liquefied natural gas.
Tensions were further elevated after Iran issued warnings that US forces entering the strait could be targeted, and advised commercial vessels and oil tankers to coordinate movements with its military authorities, raising concerns about potential restrictions on maritime energy flows.
Trump said the new initiative would focus on helping civilian vessels registered under non-aligned states leave the waterway safely and resume operations, with implementation expected to begin on Monday.
Despite rising tensions, Iran has also indicated it is reviewing a response from Washington to its latest 14-point proposal, suggesting that diplomatic channels remain open alongside escalating geopolitical risks.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Most popular stories
Market Research
More Story
Comments
No comment